Exam 11: Corporations: Organization, Stock Transactions, Dividends, and Retained Earnings

The following data is available for Blaine Corporation at December 31, 2015: Based on the data, how many shares of common stock are outstanding?

Return on common stockholders' equity is computed by dividing net income by ending stockholders' equity.

A corporation purchases 40,000 shares of its own $30 par common stock for $45 per share, recording it at cost. What will be the effect on total stockholders' equity?

Treasury stock is

Moore, Inc. had 250,000 shares of common stock outstanding before a stock split occurred, and 1,000,000 shares outstanding after the stock split. The stock split was

On January 1, Sway Corporation had 60,000 shares of $10 par value common stock outstanding. On March 17, the company declared a 15% stock dividend to stockholders of record on March 20. Market value of the stock was $13 on March 17. The stock was distributed on March 30. The entry to record the transaction of March 30 would include a

Treasury stock should not be classified as a current asset.

Stock can be issued only in exchange for cash.

Art, Inc., has 5,000 shares of 4%, $100 par value, cumulative preferred stock and 20,000 shares of $1 par value common stock outstanding at December 31, 2015. There were no dividends declared in 2013. The board of directors declares and pays a $45,000 dividend in 2014 and in 2015. What is the amount of dividends received by the common stockholders in 2015?

The concept of an "artificial being" refers to which form of business organization?

A statement of stockholders' equity discloses all of the following except:

Preferred stockholders have a priority over common stockholders as to

Dividends Payable is classified as a

Vega Corporation's December 31, 2015 balance sheet showed the following: Vega's total stockholders' equity was

On January 2, 2012, Porter Corporation issued 30,000 shares of 5% cumulative preferred stock at $100 par value. On December 31, 2015, Porter Corporation declared and paid its first dividend. What dividends are the preferred stockholders entitled to receive in the current year before any distribution is made to common stockholders?

Hsu, Inc. issued 10,000 shares of stock at a stated value of $8/share. The total issue of stock sold for $15 per share. The journal entry to record this transaction would include a

The cost of a noncash asset acquired in exchange for common stock should be either the fair value of the consideration given up or the consideration received, whichever is more clearly determinable.

Vega Corporation's December 31, 2015 balance sheet showed the following: Vega's total paid-in capital was

Aaron, Inc. paid $120,000 to buy back 10,000 shares of its $1 par value common stock. This stock was sold later at a selling price of $8 per share. The entry to record the sale includes a

If a corporation has only one class of stock, it is referred to as